US and Venezuela Reach Deal on Oil Supplies, Boosting Trump's Pressure Campaign Against Maduro
In a significant development, US President Donald Trump has announced that Venezuela is set to "turn over" $2 billion worth of crude oil to the United States, marking a key breakthrough in his pressure campaign against the Maduro government. This move could significantly cut off supplies to China, one of Venezuela's largest trading partners.
The deal, which involves Venezuelan state-owned company PDVSA and US energy secretary Chris Wright, is seen as a major concession by the Venezuelan government. Maduro has been under intense pressure from Trump's administration, with the US imposing sanctions on companies involved in oil trade with Venezuela in 2020. The blockade imposed by Trump led to the toppling of Maduro last weekend.
The agreement allows for the sale of Venezuelan crude at market prices, with the proceeds controlled by Trump himself. This move is expected to divert supplies from China and help Venezuela avoid deeper oil production cuts.
However, it remains unclear whether Venezuela will have any access to the proceeds from the supply, given the sanctions imposed on PDVSA. The company is excluded from the global financial system, its bank accounts are frozen, and it is blocked from executing transactions in US dollars.
The deal marks a significant shift in tone from Maduro's former vice-president Delcy Rodríguez, who had previously softened her stance towards the US. In a televised address on Tuesday, Rodríguez described Trump's actions as "kidnapping" and accused him of trying to steal Venezuela's vast oil reserves. The Venezuelan government has maintained that it will not surrender to external pressure.
The agreement is expected to increase the volume of Venezuelan oil exported to the United States, currently controlled entirely by Chevron, PDVSA's main joint venture partner under a US authorization. This could lead to a significant increase in US crude prices, which fell more than 1.5% following Trump's announcement.
As tensions between the US and Venezuela continue to escalate, it remains to be seen how the deal will play out in practice. However, this move marks a major victory for Trump's pressure campaign against Maduro's government.
In a significant development, US President Donald Trump has announced that Venezuela is set to "turn over" $2 billion worth of crude oil to the United States, marking a key breakthrough in his pressure campaign against the Maduro government. This move could significantly cut off supplies to China, one of Venezuela's largest trading partners.
The deal, which involves Venezuelan state-owned company PDVSA and US energy secretary Chris Wright, is seen as a major concession by the Venezuelan government. Maduro has been under intense pressure from Trump's administration, with the US imposing sanctions on companies involved in oil trade with Venezuela in 2020. The blockade imposed by Trump led to the toppling of Maduro last weekend.
The agreement allows for the sale of Venezuelan crude at market prices, with the proceeds controlled by Trump himself. This move is expected to divert supplies from China and help Venezuela avoid deeper oil production cuts.
However, it remains unclear whether Venezuela will have any access to the proceeds from the supply, given the sanctions imposed on PDVSA. The company is excluded from the global financial system, its bank accounts are frozen, and it is blocked from executing transactions in US dollars.
The deal marks a significant shift in tone from Maduro's former vice-president Delcy Rodríguez, who had previously softened her stance towards the US. In a televised address on Tuesday, Rodríguez described Trump's actions as "kidnapping" and accused him of trying to steal Venezuela's vast oil reserves. The Venezuelan government has maintained that it will not surrender to external pressure.
The agreement is expected to increase the volume of Venezuelan oil exported to the United States, currently controlled entirely by Chevron, PDVSA's main joint venture partner under a US authorization. This could lead to a significant increase in US crude prices, which fell more than 1.5% following Trump's announcement.
As tensions between the US and Venezuela continue to escalate, it remains to be seen how the deal will play out in practice. However, this move marks a major victory for Trump's pressure campaign against Maduro's government.
... $2 billion worth of oil & he's just gonna keep it all? seems like more blackmail tactics to me 
. how's that gonna help anyone but the us? and what about venezuela, they're already struggling as it is 
. i'm not sure if this deal is really a victory for trump or just another way for him to flex his muscles 
. Maduro might be down, but is he out yet?
just saw that trump got venezuela to hand over $2 billion worth of oil to us 
like what's next? is he gonna take their food too? 
this deal is just a way for him to gain more power and control over venezuela's resources 
and it's only gonna lead to more suffering for the venezuelan people 
, and I gotta say, it's all thanks to Trump's constant pressure on Maduro 
. The fact that Venezuela is basically being forced to sell its oil at market prices is a major win for the US 
.
. It could lead to a significant increase in US crude prices, and that's always good news for the energy sector 
.
. I mean, if Trump gets his hands on all those funds, it could be super hard for Maduro to get them back 
. I mean, what's next? Are they gonna try to control their food supplies too? It's all about playing hardball with Maduro and showing China who's boss 
. Meanwhile, Maduro's government is being forced to make concessions because of domestic pressure